Chancellor George Osborne gives guarantee of £2bn nuclear power plant deal as

And that would just be the beginning, Osborne assured his Chinese audience at the start of an annual economic and financial dialogue.

There is no reason for the yuan’s depreciation to be sustained, and China does not want a currency war, said the premier, appreciating that Britain was the first western country to issue a RMB sovereign bond.

Osborne said he was “very deliberately” visiting the Shanghai stock exchange Tuesday and would be talking about what had happened on the financial markets over the summer.

On Monday, Osborne also spoke about China’s recent stock market turmoil and economic slowdown that many fear will endanger the global economy.

“The Government’s determination to bring about a renewal of infrastructure and to attract inward investment to the United Kingdom are demonstrated by this good news. We should be better connected to the Chinese economy, our financial institutions should establish stronger links”.

Having already admitted that the controversial project’s completion date will be delayed, EDF is in no hurry.

Hinkley Point C is set to be the first new nuclear power plant built in Britain since 1995. He said the deal “opens the door to majority Chinese ownership of a subsequent nuclear project” planned for England’s southeast. However, it still needs to show it can build and safely operate reactors at home. “But I also think it’s going to help Britain”.

Chinese companies will be encouraged to support a “huge pipeline of exciting new projects in the north” during the visit.

“China-UK co-operation is now standing at a new starting point”, said Mr Massachusetts . “There is much that can be done”. His pledge came during a five-day trip to China meant to deepen trade ties between the two economies.

British Chancellor of the Exchequer George Osborne (2nd L) talks with people at TechTemple in Beijing, capital of China, September 20, 2015.

France’s EDF energy is leading the construction of Hinkley Point C, while Chinese state nuclear companies are meant to provide substantial investment, hence the timing of the announcement. “This project could leave Britain’s bill payers paying over the odds for decades because ministers have negotiated such a bad deal”. “Including nuclear within the energy mix has increasingly gained public support over the past decade; partly because of its low carbon credentials but also because the public voice has been sought out and listened to via a number of public consultations”. Investment in research and development to understand further the nature of radioactive waste, the potential for further energy production both heat and power and the opportunities for reducing radioactive half-life are all vital in developing a safe nuclear industry.